Business
Westport Reports First Quarter Fiscal 2013 Financial Results
~ Maintains Revenue Outlook for up to 30% Year over Year Growth and 2013 Product Launch Sche...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n\n\n\n\n\n~ Maintains Revenue Outlook for up to 30% Year over Year Growth and 2013\n Product Launch Schedule ~\n\n\nVANCOUVER, May 2, 2013 /CNW/ - Westport Innovations Inc. (TSX:WPT /\n NASDAQ:WPRT), the global leader in natural gas engines, today reported\n financial results for the first quarter ended March 31, 2013 and\n provided an update on operations. All figures are in U.S. dollars\n unless otherwise stated.\n\n\nHighlights include:\n\n\n\nWestport revenue for the quarter ended March 31, 2013 was $30.1 million\n compared with $36.0 million for the same period last year.\n\n\nFor the quarter ended March 31, 2013 Westport reported a net loss of\n $31.8 million or $0.57 per share compared to $22.6 million or $0.44 per\n share for the same period last year.\n\n\nSegment revenue for the quarter ended March 31, 2013 was: $23.3 million\n for Applied Technologies; $5.8 million for On-Road Systems; $1.0\n million for Corporate and Technology Investments; $44.7 million for\n Cummins Westport Inc. (CWI) and $105.9 million for Weichai Westport\n Inc. (WWI). For comparative purposes and consistency with previous\n presentations, Westport plus CWI revenue was $74.8 million.\n\n\nIn the first quarter of 2013, CWI shipped 1,313 units, On-Road shipped\n three WestportTM 15L units and 204 Westport WiNGTM Power System units, and WWI shipped 8,529 units.\n\n\nWestport and ENN Group signed an agreement for liquefied natural gas\n (LNG) as a fuel for on-road, off-road, rail and marine applications.\n\n\nWestport and Clean Energy launched a co-marketing program to increase\n the use of LNG in trucking applications in North America and offer a\n bundled solution for the purchase of natural gas trucks.\n\n\nCummins Westport ISX12 G engine was featured at the Mid-America Trucking\n Show, with new truck products shown for 2013 delivery. Production of\n the ISX12 G began on schedule in April.\n\n\nAnnounced the availability of the Ford F-Series Super Duty pickup trucks\n with the Westport WiNG Power System in Canada, and availability of the\n system in the Ford F-450 and F-550 platforms.\n\n\n\n\"As expected, our first quarter of 2013 was a transition period with\n remnant effects from soft market conditions at the end of 2012, and the\n impact on timing and recognition of service revenue and opportunities\n in our On-Road Systems business,\" said...